Home insurance costs rise by 2.7%

Michael Lloyd

November 28, 2019


Homeowners across the UK have seen a 2.7% rise in the average cost for home insurance in the past six months, analysis from Consumer Intelligence has found.

Across the market, average overall premiums sit at £139.

Average premiums for the over-50s rose by 3% in the past 12 months and sit at £130, whilst increases for the under-50s were limited to 2.6% (£146).

John Blevins, pricing expert at Consumer Intelligence, said: “There’s evidence insurers are dealing with dual pricing already due to the negative publicity and inevitable requirements coming in the near future.

“One of the impacts is that new business pricing – the key content of our price index – is likely to increase to narrow the difference between new business and renewal costings.”

London remains the most expensive UK region to buy home insurance, with the average policy in the capital costing £184.

The North West (£141) is the only other region to sit above the national average of £139.

The North East (£123) and Wales (£124) rank as the UK’s cheapest regions.

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